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FM Nirmala Sitharaman Announcements today #ClickHere

Keeping in mind the COVID-19 Crisis FM Nirmala Sitharaman made a press conference on Compliances today: 

*1. INCOME TAX*
- Last date of filing Income Tax Return FY 2018-19 increased to 30.06.2020
- Interest Rate delayed payment reduced from 12% to 9%
- Delayed deposit of TDS interest rate 9% till 30.06.2020

*2. Due date extended to 30.06.2020*
- Aadhar- Pan Linking
- Vivad se Vishwas Scheme
- Sanction/Appeal/ Certificate/ Order/ Application etc including Investment in Saving Scheme, Capital Gain, Prohibition of Benami, Benami Law where due dates between 20th March to 29th June : All extended to 30th June

*3. GST*
- Last date of March, April and May of GST Return filing extended to 30.06.2020
- Companies less than 5 Crore : No late fees, interest, penalty
- Companies more than 5 Crore : No late fees, penalty; Interest leviable at 9% 
- Composition Scheme Option avail upto 30.06

*4. Customs and Central Excise*
- Sabka Vishwas extended to 30.06.2020

- Customs Clearance will work 24*7 upto 30.06.2020

*5. MCA*
- Board meeting holding relaxed for 60 days for next 2 Quarters
- CARO Applicability postponed to FY 2020-21
- No violation even if Independent Director held no meeting
- Newly incorporated company - Commencement of business certificate : additional 6 months
- Resident Director requirement not violation
- Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested : till 30.4.2020 extended to 30.6.2020

*6. IBC*
- Default threshold increased from Rs. 1 lakh to Rs. 1 crore
- Section 7, 9, 10 may be suspended for 6 months

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